Cool Planet, an agricultural technology startup focused on improving the quality of soil, has raised an additional $20.3 million to finance construction of a manufacturing facility.
Greenwood Village, CO-based Cool Planet said the new capital is an extension of the company’s 2017 $19.3 million Series A round of investment. The latest capital infusion was led by Mexican investor Agustin Coppel and North Bridge Venture Partners, the two lead investors from last year’s financing.
Cool Planet’s first product is a soil amendment called Cool Terra. The company has developed a proprietary process for heating and refining organic matter, producing a carbon material that can be added to soil. Cool Planet says this material improves the soil’s structure, its ability to retain moisture and nutrients, and also supports the growth of beneficial microbes. Cool Terra has been independently tested on more than 40 crops in various regions and soil types. According to field trial results released by the company, application of the product improved crop yields by an average of more than 12 percent.
The new Cool Planet manufacturing facility will be built in Alexandria, LA. Production of Cool Terra at that site is expected to start next summer. Here’s more on Cool Planet’s origins as a biofuels startup, and its pivot into agricultural technology.
Photo by Flickr user Michael Ocampo via a Creative Commons license
